SERAP Sues Buhari Over Ban On Old N500, N1,000 Notes

buhari

The Socio-Economic Rights and Accountability Project has filed a lawsuit against the President, Major General Muhammadu Buhari (retd.), over “the unlawful directive banning the use of old N500 and N1,000 banknotes, contrary to the interim injunction granted by the Supreme Court that the old N200, N500, and N1000 notes remain legal tender.”

Joined in the suit as Defendants are the Attorney General of the Federation and Minister of Justice, Abubakar Malami, SAN, and the Central Bank of Nigeria.

KOKO TV reports that the Supreme Court in a case initially brought by 10 states recently held that the old banknotes remain legal tender pending the determination of a motion on notice fixed for February 22. The deadline for the swap of the old notes expired February 10.

READ ALSO: Naira Crisis: Banks Shun CBN Directive, Collect Old N1,000, N500

However, Buhari in a national broadcast on Thursday directed the CBN to recirculate only the old N200 banknotes, banning the use of old N500 and N1,000 notes in the country.

READ ALSO: Petty Traders Count Losses As Naira Scarcity Bites Harder

In the suit number FHC/ABJ/CS/233/2023 filed last Friday at the Federal High Court, Abuja, SERAP is asking the court to determine “whether President Buhari’s directive banning the N500 and N1,000 banknotes is not inconsistent and incompatible with the constitutional duties to obey decisions of the Supreme Court and oath of office.”

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Photo Credit: Getty 

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